Koil Energy Solutions, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with revenues reaching $22.7 million, a 48% increase from $15.3 million in 2023. The company's gross profit also saw substantial growth, rising to $8.7 million from $4.9 million, resulting in a gross profit margin of 38%, up from 32% the previous year. This increase in profitability was primarily driven by a rise in fixed-price contracts for subsea distribution equipment, although there was a noted decrease in service contract activity.
The company underwent a strategic rebranding in 2022, changing its name from Deep Down, Inc. to Koil Energy Solutions, Inc., and subsequently altering its ticker symbol to "KLNG." This rebranding aligns with its focus on expanding its service offerings and enhancing its market presence. In 2024, Koil Energy secured several significant contracts, including a major award for a Subsea Safety Control System and contracts for umbilical re-termination and hydraulic distribution manifolds, which are expected to drive future growth.
Operationally, Koil Energy reported a total employee count of 63 as of December 31, 2024, all of whom are full-time. The company has also been actively engaging with its customer base, which includes major integrated and independent energy companies, to address their evolving needs in subsea engineering and equipment. The demand for Koil's products, particularly in the offshore oil and gas sector, is expected to grow as energy companies increase capital expenditures in response to rising global energy demand.
Looking ahead, Koil Energy maintains a positive outlook, anticipating continued growth driven by increased bidding activity and a focus on expanding its product and service offerings. The company is optimistic about the future of the energy sector, particularly in subsea markets such as the Gulf of America and the North Sea, where it aims to enhance its market share. However, Koil Energy acknowledges the inherent volatility in oil prices and market conditions, which could impact its operations and financial performance. The company plans to concentrate on cost containment and strategic investments to navigate these uncertainties effectively.
About Koil Energy Solutions, Inc.
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